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A medical office building could be developed next to the HarborChase of Wellington Crossing assisted living and memory care facility.

SGD Wellington Crossing LLC, an affiliate of Dallas-based Silverstone Senior Living, filed a land-use amendment with Palm Beach County for the 17.8-acre property at 8785 Lake Worth Road, near Wellington. It currently has a 136-unit assisted living facility, which was developed in 2018.

The application seeks to change the land use from “planned unit development” to “multiple use planned development.” Under the changes, the vacant 6.1-acre eastern side of the property could have medical offices, instead of a 240,000-square-foot hospital as previously approved.

Joni Brinkman of Urban Design Studio, who represents the developer in the application, said the medical office building would total 60,000 square feet.

With the growing senior population in Palm Beach County, there will be more demand for health care providers. That has created a strong market for medical office buildings.

Under the county’s comprehensive plan amendment schedule, this application will go before the County Commission on May 5, followed by a review by state officials, and then a second County Commission vote may be held in July.

 

Source:  SFBJ

6262 Sunset Drive Miami

An Atlanta-based real estate investment firm paid $36.7 million for an eight-story South Miami medical office building.

An affiliate of the Ardent Companies bought the building, known as Sunset Medical, at 6262 Sunset Drive, according to records. Ardent is led by Matt Shulman.

The seller is an affiliate of USAA Real Estate Company. The San Antonio-based real estate investment firm bought the building, built in the 1980s, for $40 million in 2015. USAA is led by Len O’Donnell.

The building hit the market unpriced in February, according to an online listing. Occupancy was 55 percent at the time with a net operating income of $1.2 million.

In May, Transwestern Real Estate Services’ South Florida agency leasing team announced it was hired to exclusively lead leasing efforts for the building and reposition it from traditional office to medical office space, according to a statement from the time.

The building had 43,000 square feet of availability at that time, after Interval International consolidated to the top two floors. Interval is an affiliate of Marriott Vacations Worldwide.

 

Source:  The Real Deal

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CBRE U.S. Healthcare and Life Sciences Capital Markets recently announced the sale of the Woodside Health Florida Coast MOB Portfolio (the “Portfolio”).

The Portfolio consists of three medical office buildings that are 97% leased to a diverse and established mix of tenants. Complementary and highly specialized practices housed within the properties create an ecosystem for referrals amongst physicians that supports tenant retention. Specialties within the Portfolio include oncology, radiology, urgent care, orthopedics and neurology, among others.

Oak Point I and II are located at 3730 & 3755 7th Terrace in a medical office subdivision in Vero Beach, Florida, about an hour north of West Palm Beach. The two buildings total ±41,395 square feet and are strategically situated less than half a mile from the Cleveland Clinic Indian River Hospital, a 332-bed short term acute care hospital with emergency services. Estero Medical Center, is located at 10201 Arcos Avenue on Florida’s west coast, just south of Fort Myers. The ±35,968-square-foot, two-story property is home to nine medical tenants. It sits a half a mile west of I-75 which allows for exceptional accessibility for patients and providers.

 

Source:  HREI

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A Manatee County orthopedic practice recently announced plans to build a new headquarters and medical facility — in what could be one of the largest construction projects of 2021 in the Bradenton area.

The project, for Coastal Orthopedics, calls for an 88,000-square-foot facility on a 17-acre parcel on State Road 64, just east of Interstate 75. Coastal has had a large presence in east Manatee County for 16 years, and this move, says Coastal Orthopedics President Dr. Arthur Valadie, recognizes that and the area’s continued rapid population surge.

“We’ve made a huge commitment to east County by putting our largest location, to include all of our administrative offices, out there,” Valadie says in an interview with the East County Observer, sister paper of the Business Observer. “We think that’s going to allow us to provide care for that whole corridor, all the way from Parrish and Ellenton, all the way down to that huge amount of growth in Lakewood Ranch and south down to Sarasota County. And the fact that we’re about a half-mile off the interstate really makes all of our services accessible.”

Construction is expected to begin in January. Coastal officials declined to put a total projected value of the project because they were still bidding out work through mid-December. The building will be designed in the style of Sarasota modern architecture — open-plan structures and large panels of glass that fit with the surrounding area, according to the East County Observer story. Albany, N.Y-based BBL Construction Services will oversee construction.

Plans for the facility include clinical services, an ambulatory surgery center, physical therapy department, administrative offices and diagnostic imaging services such as X-ray and MRI. Coastal Orthopedics plans to move into the building in spring 2022. There will also be a six-room surgery center to help address increasing demand for outpatient surgery, particularly joint replacement and spine surgeries.

Coastal Orthopedics, founded in 1973 and now with nearly 300 employees, has four other Manatee County locations. Some 150 to 200 employees will be based out of the new facility. “It’s going to be our largest clinic location,” Valadie says. “And obviously, it’s going to be a large surgery center. We’d like to have our administrative offices under the same roof so that there’s more seamless operations.”

 

Source:  Business Observer

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Cushman & Wakefield has arranged the sale of The Centre at Stirling & Palm, two boutique medical and professional office buildings located in Cooper City.

The final sale price was $15.25 million.

Scott O’Donnell, Greg Miller, Mike Ciadella, Dominic Montazemi and Miguel Alcivar of Cushman & Wakefield represented the seller, The Centre at Stirling & Palm, Inc., in the transaction. ATCG LLC acquired the property and was represented by Cushman and Wakefield’s Jason Hochman in sourcing a $9.35 million acquisition loan.

“At 93.5% occupancy, investors had the opportunity to acquire a secure in-place and on-going income stream that continues to outperform the broader submarket,” O’Donnell said. “Recent leasing through the pandemic saw rents increase by 4% on average while maintaining the exceptional occupancy levels the property is accustomed to enjoying.”

Located at 9900 and 10000 Stirling Road, the buildings total 64,436 square feet. Proximity to both to Interstate 75, Interstate 595 and Florida’s Turnpike offers excellent access to all of South Florida and a full range of nearby amenities.

The property consistently receives strong demand from medical tenants due to its proximity to four of Memorial Healthcare System’s top performing regional hospitals and Nova Southeastern University’s Sanford L. Ziff Medical Center, resulting in over 2,300 hospital beds within a 10-mile radius.

 

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The Capital Real Estate Group (CREG) – U.S. Healthcare Investment Sales announced the sale of Maitland Medical Center located in Maitland, Florida, part of the Orlando MSA.

CREG acted as the Seller’s exclusive advisors in the $17,000,000 sale of the 100% leased, Class ‘A’ multi-tenant MOB.

The 43,885-square-foot building is anchored by a multi-specialty surgery center which is a joint venture between Surgical Care Affiliates and seventeen (17) physicians who operate at the ASC.

 

Source:  HREI

 

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A partnership between two South Florida investment firms sold a Weston office building for $8.9 million.

Highline Real Estate Capital, based in Miami, and Sefira Capital, based in North Miami Beach, sold the 27,000-square-foot building at 1040 Weston Road, according to a press release.

The buyer is Shaked 21 LLC, managed by husband and wife Sagi and Anat Shaked. Sagi Shaked is a personal injury attorney and real estate agent in Aventura. Anat Shaked is also an attorney, according to records.

The real estate investment firms bought the building, constructed in 1990, in a two-building, $13 million deal in 2017, according to the release.

The building’s occupancy rose from 84 percent to 100 percent over the three years. The partnership is led by Highline principal David Moret. Sefira was founded by managing partners Aby Galsky and Mijael Attias.

Avison Young represented the seller.

The building is anchored by JPMorgan Chase, but most of the tenants are medical use, including Advanced OBGYN Institute, Sweet Tooth Pediatric Dentistry and Zombek Orthodontics.

 

Source:  The Real Deal

 Cleveland Clinic Florida purchased 44 acres near its Tradition Hospital from the city for $5.7 million, but what might be built there remains unknown.

The health-care giant has grown its operation in Tradition significantly since acquiring Martin Health System, the owner of Tradition Hospital, nearly two years ago.

Last year it took over the former Vaccine & Gene Therapy Institute of Florida facility in Tradition, renamed it the Florida Research and Innovations Center and in April transformed it into a global and emerging-pathogens center to conduct COVID-19 research and more.

While the land deal lays the groundwork for continued expansion in Tradition, hospital officials said they have no immediate plans for the newly purchased property in Southern Grove.

For now, hospital spokesman Scott Samples said, Cleveland Clinic is still analyzing what medical services the community needs.

Cleveland Clinic still could develop the site, north of Discovery Way, for the  $30 million Neuroscience Center of Excellence that Martin Health proposed in August 2018.

The neuroscience center was proposed to meet the need for stroke treatment, brain and spine surgery and neurology on the Treasure Coast and northern Palm Beach County, officials said.

At the time, officials said It would create about 150 jobs over five years, and Martin Health even received an economic-incentives package from the city of Port St. Lucie to build the center.

Since then, however, Cleveland Clinic has incorporated parts of that program into existing buildings at Tradition Hospital, Samples said.

In purchasing the 44 acres, Cleveland Clinic told the city only that it would develop at least 400,000 to 500,000 square feet of medical offices to conduct scientific research and development.

Cleveland Clinic paid $2 million less than the land’s $7.7 million appraisal. The city bought the land in 2018 for about $400, according to the Property Appraiser’s Office, after Tradition Land Company bailed out on the $5.4 million it owed in property taxes and assessments.

Port St. Lucie officials, who approved the land sale Monday, said they were unaware of any plans Cleveland Clinic has for the property.

 

Source:  TC Palm

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Fort Pierce-based Lawnwood Regional Medical Center & Heart Institute, owned by Nashville, Tenn.-based HCA Healthcare, will invest $100 million into a five-story tower, according to TCPalm

Construction on the 92,500-square-foot tower is expected to start Jan. 11. It will be completed in several phases.

The first phase of construction, expected to be completed in 2023, will include building the first three floors of the tower. The first phase will add 32 medical surgical beds, three operating rooms and expanded preoperative and recovery areas.

Phase two will add a new emergency department, while phase three and four will add the fourth and fifth floor and create space for more beds.

The fifth phase includes building a 550-space parking garage.

 

Source:  Becker’s Hospital Review

13200 NW Nano Court

Avison Young facilitated a 42,500-square-foot lease agreement between Concept Companies and Ology Bioservices for a new build-to-suit lab space on the heels of a federal government contract for the company to expand production capabilities, including vaccines and therapeutics for COVID-19 once finalized. Concept Companies will develop the facility, conveniently situated adjacent to Ology Bioservices’ headquarters at 13200 NW Nano Court in Alachua, just northwest of Gainesville, Florida.

Avison Young’s Nick Banks, Principal and Managing Director of the firm’s North Florida operations, represented the developer and the tenant during the transaction.

“The race for the COVID-19 vaccine continues to drive demand for life sciences real estate nationwide, and the Ology Bioservices deal is an example of the sector’s tremendous growth in the Gainesville area,” said Banks. “The built-to-suit space represents an expansion in an ideal setting near life science-focused research parks and the UF Innovate Sid Martin Biotechnology Incubator, the #1-ranked biotech incubator in the world.”

Ology Bioservices is a biologics Contract Development and Manufacturing Organization (CDMO) which specializs in the manufacturing of vaccines, antibodies, recombinant proteins, viral products and nucleic acids used for protecting both military and civilian populations against infectious diseases. The company also supports programs in gene and cell therapy.

“The support from city leaders of both Alachua and Gainesville, the assistance from the UF and Santa Fe College in providing strong science-oriented curricula, and the dedicated and hard-working employees, creates the healthy environment to keep our business expanding,” said Dr. Peter H. Khoury, Ology Bioservices President and CEO. “Avison Young and Concept Companies are valued partners who have helped our team navigate the complexity of expanding space for our growing business.”

In addition to the Sid Martin Biotech Incubator in Progress Park, Ology Bioservices is near the Santa Fe College Perry Center for Emerging Technologies and the fully leased Foundation Park research facility that Concept Companies developed and sold in April for $12 million.

“The collaboration on this project between the Concept Companies team, Ology Bioservices, our consultants, and the municipality is a great example of how success can be achieved for our clients when there is an urgent timeline,” said Brian Crawford, Concept Companies CEO. “The facility was entitled and will be under construction within four months of a notice to proceed.”

Concept Companies recently broke ground on Ology Bioservices’ new space and anticipates completion in Summer 2021. Crawford played an integral role in expediting the design and permitting for the facility.

“We look forward to our continued investment in and expansion of the research district in the City of Alachua and Greater Gainesville Community,” continued Crawford.

 

Source:  HREI